证券代码：000959 证券简称：首钢股份 公告编号：2025-037 北京首钢股份有限公司 高级管理人员离任公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、 误导性陈述或重大遗漏。 一、高级管理人员离任情况 北京首钢股份有限公司（以下简称"公司"）董事会于2025年9 月1日收到公司副总经理王凯先生的书面辞职报告。王凯先生因工作 调动，申请辞去公司副总经理职务，其原定任期至公司八届董事会届 满之日止。王凯先生辞职后不再继续担任公司及控股子公司任何职务。 根据《中华人民共和国公司法》及《北京首钢股份有限公司章程》 的相关规定，王凯先生的辞职自其辞职报告送达公司董事会之日起生 效。 截至本公告披露之日，王凯先生未持有公司股票，亦不存在应履 行而未履行的承诺事项。王凯先生已按照《北京首钢股份有限公司董 事、高级管理人员离职管理制度》做好工作交接。 公司董事会对王凯先生在任职期间的勤勉尽责表示感谢！ 二、备查文件 《辞职报告》。 北京首钢股份有限公司董事会 特此公告。 2025年9月1日 ...

Core Viewpoint - Shougang Co., Ltd. announced the resignation of Deputy General Manager Wang Kai due to job relocation, effective September 1, 2025, with no further roles in the company or its subsidiaries after resignation [1] Financial Performance - For the first half of 2025, Shougang's revenue composition was entirely from metallurgy, accounting for 100% [1] - The current market capitalization of Shougang Co., Ltd. is 32.3 billion yuan [1]

Core Viewpoint - The container house market in China is experiencing steady growth driven by urbanization, increased infrastructure demand, and rising temporary housing needs, although growth has slowed post-pandemic [1][10]. Market Overview - The market size of China's container house industry reached 661.2 billion yuan in 2024, with a year-on-year increase of 3.1%, but a decrease of 6.9 percentage points compared to 2023 [1][10]. - The industry is undergoing a reshuffle phase, with many short-term entrants and excess capacity being eliminated [1][10]. - Despite the slowdown in domestic demand, the advantages of container houses such as convenience, environmental friendliness, and low cost are attracting attention in overseas markets [1][10]. Industry Development - Container houses, also known as modular houses, are constructed from modified shipping containers, offering significant advantages in terms of environmental sustainability and cost-effectiveness [3][4]. - The industry has evolved since the 1950s, with significant growth in China occurring post-2000, particularly after the COVID-19 pandemic [6][10]. Industry Chain - The upstream of the container house industry includes raw materials like steel, aluminum, and glass, with steel being a critical component for structural safety and durability [7][10]. - The midstream involves the manufacturing process, which includes cutting, welding, and assembling the containers into finished products [7][10]. - The downstream applications span various sectors, including real estate, logistics, and emergency response, highlighting the versatility of container houses [7][10]. Competitive Landscape - The industry is characterized by a leading group of enterprises dominating the high-end market, while smaller companies focus on niche segments [11][12]. - Major players include China International Marine Containers (Group) Co., Ltd., Shenzhen Elegant Integrated Housing Co., Ltd., and others [11][12]. Future Trends - The application of container houses is diversifying into areas such as tourism, emergency medical services, and commercial spaces, driven by their unique design and rapid deployment capabilities [13][14]. - Companies are actively seeking to expand into overseas markets, particularly in developing countries facing housing shortages and infrastructure needs [13][14]. - Government policies are promoting standardization and modularization in the industry, encouraging the development of green building materials and energy-saving technologies [15].

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

Group 1 - The stock price of Shougang Co., Ltd. closed at 4.19 yuan on August 26, 2025, down 0.11 yuan or 2.56% from the previous trading day [1] - The company reported a trading volume of 513,300 hands and a transaction amount of 215 million yuan on the same day [1] - Shougang Co., Ltd. is primarily engaged in steel production and sales, with products including cold-rolled, hot-rolled sheets, and electrical steel, widely used in automotive, home appliances, and construction sectors [1] Group 2 - In a recent institutional research meeting on August 25, Shougang Co., Ltd. indicated that its electrical steel production increased by approximately 30% year-on-year in the first half of the year [1] - The production of high magnetic permeability oriented electrical steel grew by 14%, while the production of high-grade non-oriented electrical steel for new energy vehicles surged by 37% [1] - On August 26, the net inflow of main funds into the company was 30.54 million yuan, with a cumulative net inflow of 41.93 million yuan over the past five days [1]

Group 1: Production and Sales Performance - The company's electrical steel production is expected to reach approximately 2.2 million tons this year, with a year-on-year growth of about 30% in the first half of the year [3] - High magnetic orientation electrical steel production increased by approximately 14%, while high-grade non-oriented electrical steel production grew by about 37%, with a 33% increase in production for new energy vehicle applications [3] - The sales price of automotive plates remained stable, contributing to improved profitability due to the industry's self-regulation against excessive competition [5][6] Group 2: Product Development and Market Strategy - The company launched two new oriented electrical steel products aimed at high-efficiency transformers, supporting the construction of energy-efficient and environmentally friendly power grids [3] - Significant progress was made in the medium-thick plate sector, with wind power steel production increasing by approximately 33% and pipeline steel production rising by about 67% [7] - The company is focusing on high-end product applications in new industries, including new energy vehicles and low-altitude economies, to enhance competitiveness [3] Group 3: Low-Carbon Initiatives - The steel industry is now included in the carbon emissions trading market, which poses short-term challenges but promotes long-term high-quality development [8] - The company has established a green manufacturing committee and a low-carbon management center, launching a series of low-carbon product standards [9] - The company aims to reduce carbon emissions by over 40% through existing long-process reduction techniques and plans to achieve over 70% reduction with a new electric furnace [9] Group 4: Electric Furnace Project - A new electric furnace is under construction to produce high-quality green low-carbon steel, expected to be operational in Q1 2026 [10] - Research is ongoing on nitrogen control technology and process simulation for the electric furnace to ensure quality and efficiency upon production commencement [11]

Industry Overview - The automotive automatic transmission friction plate is a key component that directly affects the overall performance of automatic transmissions. The technology level in this field in China started late, leading to a lack of competitive domestic brands against international giants who dominate the market [1][17] - In recent years, domestic companies like Lintai New Materials have made significant technological breakthroughs, effectively breaking the market monopoly held by foreign enterprises and enhancing the competitiveness of domestic friction plates [1][19] - The market size for China's automotive automatic transmission friction plates has grown from 5.364 billion yuan in 2021 to 6.347 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 5.77%. It is expected to reach 6.574 billion yuan by 2025 [1][17] Industry Policies - The Chinese government has implemented various regulations and policies to foster the development of the automotive automatic transmission friction plate industry, promoting technological innovation and market cultivation [9][10] - Key policies include the promotion of remanufacturing in traditional equipment and the encouragement of enterprises to accelerate the development of remanufacturing technologies for high-value components [9][10] Industry Chain - The industry chain for automotive automatic transmission friction plates consists of a complete upstream and downstream collaboration system, including raw materials like steel, resin, and special additives, manufacturing processes, and downstream applications in vehicle manufacturing and aftermarket services [11][12] Market Demand and Trends - The automotive industry is a crucial pillar of the national economy, with a significant recovery in market demand since 2021. The production of automobiles in China is projected to reach 31.282 million units in 2024, with a notable increase in new energy vehicles [14] - The friction plate industry is expected to benefit from the growing automotive market, particularly with the rise of electric vehicles and smart driving technologies, which demand higher performance and lower noise levels [25][26] Competitive Landscape - The global market for automotive automatic transmission friction plates is highly concentrated, dominated by international giants such as BorgWarner, Denso, and Aisin. However, domestic companies are making strides in technology and market share [19][21] - Companies like Lintai New Materials and Jin Qilin are emerging as key players, with Lintai reporting a revenue of 251 million yuan in 2024, reflecting a growth of 58.86% [21][23] Future Development - The industry is expected to see advancements in technology and materials, focusing on high performance, longevity, and low noise. Domestic enterprises will invest in new technologies to enhance product competitiveness [25] - The trend towards local supply chain strengthening and accelerated domestic substitution is anticipated, with an increasing preference for cost-effective domestic products in the automotive sector [26] - The diversification of market demand will drive the development of specialized products tailored to different vehicle types, enhancing competitive strategies within the industry [27]

Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

减少注册资本的临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 契约锁 契约锁 债券代码：524339.SZ 债券简称：25 首迁 GK02 光大证券股份有限公司关于北京首钢股份有限公司 回购注销 2021 年限制性股票激励计划剩余全部限制性股票 声明 二、本期债券基本情况 本报告依据《公司债券发行与交易管理办法》、《北京首钢股份有限公司 《北京首钢股份有限公司 2024 年面向专业投资者公开发行公司债券之债券受托 管理协议》、其它相关信息披露文件以及北京首钢股份有限公司（以下简称"发 行人"、"公司"或"本公司"）出具的相关说明文件和提供的相关资料等，由本期 债券受托管理人光大证券股份有限公司（以下简称"光大证券"）编制。光大证券 编制本报告的内容及信息均来源于北京首钢股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为光大证券所作的承诺 或声明。 契约锁 一、发行人概况 （一） 公司名称：北京首钢股份有限公司 （二） 公司注册地址：北京市石景山区石景山路 （一） 债券名称：北 ...

北京首钢股份有限公司2025年面向专业投资者公开发行绿色科技创新公司债券（第一期），债券简 称"25首迁GK02"，代码"524339.SZ" ，期限5年，利率1.92%，发行规模5亿元。付息方式为按年付息， 付息日期为2026年至2030年间每年的7月2日（如遇法定节假日或休息日，则顺延至其后的第1个交易 日，顺延期间不另计利息），本金兑付方式为到期一次还本，募集资金用途为置换本期债券发行前12个 月内投入绿色项目的自有资金支出，起息日为2025年7月2日。 2025年8月，光大证券股份有限公司发布关于北京首钢股份有限公司回购注销2021年限制性股票激励计 划剩余全部限制性股票减少注册资本的临时受托管理事务报告。 本期债券基本情况 回购价格方面，依据激励计划规定及公司历年分红派息情况进行调整。2021年11月29日批准激励计划， 授予价格为3.25元/股，后经多次调整，2025年6月27日确定回购价格为3.12元/股。 对公司影响 本次回购注销2021年限制性股票激励计划剩余全部限制性股票完成后，该激励计划实施完毕。且本次回 购注销限制性股票事项不会对北京首钢股份有限公司的财务状况、经营成果和偿债能力产生实 ...